In Mozambique, Indian State exploration firms ONGC and Oil India (OIL) have signed a $2.48-billion deal to acquire 10 per cent stake from Videocon in a giant gas project in the African country. The acquisition deal may help ship an estimated 6 million tonne a year of liquefied natural gas (LNG) to India. ONGC Videsh (OVL), the overseas arm of the State explorer, said the deal marks its entry into a world-class project with significant upside potential, and would help it achieve long-term product
TK Ananth Kumar, Director (Finance) of Oil India informed that the firm would borrow from the overseas market to fund its acquisition of the Mozambique gas project. He said the firm is considering to raise 80 per cent to 90 per cent of its share of $1 billion (in the acquisition).
In other words, the firm may raise a maximum of $900 million from overseas markets
A joint venture company of ONGC Videsh (OVL) and Oil India (OIL) decided to acquire 10 percent stake of Videocon Mauritius Energy in Videocon Mozambique Rovuma 1 gas field for $2.475 billion. In the newly incorporated joint venture company, OVL holds 60 percent stake, while OIL has the remaining 40 percent
Reports indicate that Oil and Natural Gas Corp (ONGC) does not face any constraint in funding the acquisition of a 20 percent stake in the Rovuma basin gas block in Mozambique. Therefore, the company does not intend to rope in a global player to share the cost of acquisition of the stake in the block, which holds up to 60 trillion cubic feet (tcf) of gas.
Reports indicate that the bidding for the stake sale of Videocon and the US-based Anadarko Petroleum in a Mozambique gas field was closed recently. Both the companies intend to sell 10 percent stake each in the gas field and several international firms are learnt to have shown interest in the stake
Global oil and gas explorers like PetroChina, Exxon Mobil Corp, Royal Dutch Shell PLC are reportedly in the race for a 20 per cent stake in a Mozambique gas field co-owned by Anadarko Petroleum Corp and Videocon Chairman Venugopal Dhoot. An information memorandum on the sale was sent to potential bidders in early February and the first round bids are due on March 14, reports
Essar Africa Holdings, the African subsidiary of Essar group, plans to invest $275 million on developing a 10-million tonne (mn t) port in Mozambique. The project is currently on the drawing board, reports indicate. At a time when the group is looking at growth opportunities and overseas projects, the proposed port may facilitate exports from Zimbabwe Iron and Steel Company (ZISCO), a Zimbabwe-based company it acqu
Mozambique gas Bharat Petroleum Corp and Videocon are riding high on a giant gas find in Mozambique, where their stakes are valued at $2 billion each, but both are keen to hang on to their holdings as the value is expected to grow, and they can ship the gas to India.